Thanks to a new law that came into effect last year, we now know how much tech company employees in Silicon Valley make in a year.
Facebook wasn’t far behind in second place, with a median pay of $228,651 in 2018.
Rounding out the top seven were Twitter, Square, Workday, Nvidia and Intel, with employees earning a median pay of above $100,000.
According to the US Bureau of Labor Statistics, the median wage for US workers is $47,060 per year.
Google led all Silicon Valley companies in median salaries in 2018, reporting $246,804. Pictured: A man walks past the logo of Google during the VivaTech trade fair in Paris
|COMPANY||ANNUAL MEDIAN SALARY|
|Source: SEC Filings, WIRED|
Following the 2010 financial crisis, Congress passed a law demanding publicly traded companies reveal their workers’ median pay to the US Securities Exchange Commission.
Under the law, the salaries would compare to that of the CEO and show the striking income inequality.
Google’s parent company Alphabet saw the biggest increase in median pay last year, rising from $197,274 to $246,804 – about a 25 percent increase.
A spokesperson for Alphabet told WIRED that the reason for the $50,000 jump is due to the company distributing stock and stock options.
Despite Facebook’s seemingly high pay, it’s 2018 median pay declined by about $12,000 from 2017.
A company spokesperson told WIRED there was ‘no specific reason’ for the decrease.
According to filings obtained by the website, Twitter, mobile-payment company Square, HR-company Workday and computer-game company Nvidia all had media pays above $150,000 in 2018.
Most of these salaries are enough to rent a two-bedroom home in the Bay Area, according to the National Low Income Housing Coalition’s annual Out of Reach
The report’s authors says workers must make $60.96 an hour – or nearly $127,000 a year – to afford to rent the home.
Among the big tech companies, Amazon had one of the lowest median salaries last year, coming in at $28,836.
But this is because most of the retail giant’s workers aren’t software engineers but warehouse employees.
International Business Machines Corporation (IBM) also had a seemingly low median salary of $55,088.
However, this is because most of its workforce is outside the US. According to a 2017
When comparing the employees’ salary to CEO salary, the gap wasn’t astounding because many founders’ and CEOs’ pays do not match their net worth.
Alphabet CEO Larry Page, Facebook CEO Mark Zuckerberg and Twitter CEO Jack Dorsey had annual salaries of no more than $1.50 last year.